Movers: Amazon, Chord Energy, Microsoft, Norwegian Cruise, Paramount Resources, Rivian, RingCentral

Barry Adams
06 Jul, 2022
New York City

U.S. indexes traded near flat line and energy prices continued to slide reacting to the rising expectations of economic slowdown. 

The S&P 500 index increased 0.05% to 3,833.92 and the Nasdaq Composite Index rose 0.2% to 11,347.91. 

Futures of crude oil declined 3.5% to $96.01 a barrel and natural gas eased 5.8 cents to $5.48 a unit. 

Amazon.com, Inc declined 0.7% to $112.84 after the company added one year free delivery from Grubhub.com for its prime members. 

Just Eat Takeaway.com, the parent of Grubhub, offered warrants totaling up to a 15% stake in the U.S. based Grubhub when fully exercised by Amazon. 

Separately, the U.K. antitrust regulator is investigating the retailer if the company is offering an unfair advantage to its own sellers over third-party sellers. 

Chord Energy Corporation dropped 5.6% to $96.58 after the newly named company completed the merger between Whiting Petroleum and Oasis Petroleum. 

The newly merged company under the new symbol CHRD began trading on July 5. 

The merged company also lifted its second quarter energy production to increase 18% from 9% using the three stream production assumption. 

Whiting and Oasis announced a $6 billion merger on March 7. 

Microsoft increased 0.2% to $263.32 and the company's $68 billion acquisition of Activision Blizzard is facing an antitrust investigation from the U.K. regulator.  

Norwegian Cruise Line dropped 9.5% to $11.28 on the worries that the cruise industry may face more headwinds if the U.S. heads into a recession or an economic slowdown. 

Carnival Corp declined 6.8% to $8.80 and Royal Caribbean dropped 6.6% to $33.99.  

Paramount Resources dropped 8.04% to $26.09 and Raymond James lifted its price target for the Canadian energy company to C$45. 

Rivian Automotive Inc surged 10.5% to $29.68 after the electric vehicle maker reiterated its production plan. 

The electric truck maker said it produced 4,401 vehicles in the second quarter ending in June and the company is on track to produce 25,000 vehicles in the current year. 

RingCentral Inc declined 10.01% to $55.09 after Needham analyst Ryan Koontz downgraded the cloud services provider to "hold" from "buy" and removed his price target of $110 citing stronger competition from Microsoft Teams.